Post-Keynesian Monetary Theory: Some Issues

Gillian Hewitson

Journal of Economic Surveys, 1995, vol. 9, issue 3, 285-310

Abstract: Post-Keynesian monetary theory is of increasing interest to economists in the light of world-wide financial deregulation of financial markets. This paper offers an exposition of the main issues in this area, including an overview of the most divisive issue, that of interest rate determination, and hence, the slope of the money supply function. Post-Keynesian monetary theorists divide into two camps with respect to the determination of interest rates: the 'markup school' and the 'liquidity preference school'. It is argued in the paper that the post-Keynesian theory of the business cycle, which incorporates endogeneity of the money supply, requires a liquidity preference notion of interest rate determinantion. Copyright 1995 by Blackwell Publishers Ltd

Date: 1995
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